Cannon Global Investment Management LLC Makes New Investment in Revolution Medicines, Inc. $RVMD

Cannon Global Investment Management LLC acquired a new stake in shares of Revolution Medicines, Inc. (NASDAQ:RVMD) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 8,500 shares of the company’s stock, valued at approximately $827,000. Revolution Medicines makes up about 1.6% of Cannon Global Investment Management LLC’s portfolio, making the stock its 16th biggest position.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. General Atlantic L.P. bought a new stake in shares of Revolution Medicines during the third quarter valued at approximately $115,556,000. Norges Bank bought a new position in Revolution Medicines in the fourth quarter worth $195,568,000. Avoro Capital Advisors LLC purchased a new position in Revolution Medicines during the fourth quarter valued at $172,840,000. UBS Group AG boosted its holdings in shares of Revolution Medicines by 183.6% during the 4th quarter. UBS Group AG now owns 3,087,937 shares of the company’s stock valued at $245,954,000 after buying an additional 1,998,972 shares in the last quarter. Finally, Polar Capital Holdings Plc boosted its holdings in shares of Revolution Medicines by 321.2% during the 4th quarter. Polar Capital Holdings Plc now owns 2,013,791 shares of the company’s stock valued at $160,398,000 after buying an additional 1,535,686 shares in the last quarter. Hedge funds and other institutional investors own 94.34% of the company’s stock.

Insider Activity

In related news, insider Mark A. Goldsmith sold 120,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $150.09, for a total value of $18,010,800.00. Following the transaction, the insider directly owned 276,698 shares of the company’s stock, valued at approximately $41,529,602.82. This represents a 30.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Jack Anders sold 2,722 shares of Revolution Medicines stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $156.12, for a total value of $424,958.64. Following the completion of the sale, the chief financial officer directly owned 123,269 shares of the company’s stock, valued at approximately $19,244,756.28. The trade was a 2.16% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 226,917 shares of company stock valued at $35,065,702 in the last quarter. Insiders own 7.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on RVMD shares. Oppenheimer increased their price target on shares of Revolution Medicines from $165.00 to $195.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Jefferies Financial Group began coverage on shares of Revolution Medicines in a research note on Monday, March 16th. They set a “buy” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Revolution Medicines in a research note on Tuesday, April 21st. Evercore reiterated an “outperform” rating on shares of Revolution Medicines in a report on Tuesday, April 14th. Finally, HC Wainwright boosted their price target on Revolution Medicines from $169.00 to $195.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Revolution Medicines has an average rating of “Buy” and a consensus price target of $123.72.

Revolution Medicines Stock Up 4.9%

NASDAQ:RVMD opened at $178.17 on Friday. The firm has a market cap of $37.88 billion, a P/E ratio of -25.20 and a beta of 1.40. The company has a debt-to-equity ratio of 0.19, a quick ratio of 6.80 and a current ratio of 6.80. Revolution Medicines, Inc. has a fifty-two week low of $34.00 and a fifty-two week high of $184.39. The firm has a 50-day simple moving average of $151.19 and a two-hundred day simple moving average of $116.22.

Revolution Medicines (NASDAQ:RVMD) last issued its earnings results on Wednesday, May 6th. The company reported ($2.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.83) by ($0.46). During the same period in the previous year, the company posted ($1.13) EPS. Analysts predict that Revolution Medicines, Inc. will post -7.94 earnings per share for the current fiscal year.

Revolution Medicines Company Profile

Revolution Medicines is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapies to treat RAS-dependent cancers and other diseases driven by the RAS/MAPK pathway. The company’s research efforts target historically “undruggable” proteins, aiming to inhibit critical nodes in cell signaling that promote tumor growth and therapeutic resistance.

The lead pipeline includes RMC-4630, a SHP2 inhibitor; RMC-6291, a selective KRAS G12C inhibitor; and RMC-6236, a pan-RAS inhibitor designed to address multiple RAS mutations.